Alibaba to go ahead with Hong Kong share sale
Tech behemoth to make Hong Kong foray
Chinese e-commerce giant Alibaba Group Holding Ltd has received approval to go ahead with a Hong Kong share sale that could raise up to $15bn.
Hong Kong Exchanges and Clearing Ltd approved the tech giant’s listing application, which, according to the Wall Street Journal, insiders are referring to as “Project Tangerine”. It is believed that share prices will be decided on 20 November.
Back in 2014 Alibaba – China’s biggest e-commerce company – announced the world's largest-ever stock market flotation at $25bn. The retailer announced on 11 November 2019 that sales for its annual Singles’ Day (the world’s biggest online sales event) exceeded $30bn, making it a record year.
Its flamboyant founder Jack Ma, China’s richest man, stepped down as chairman after 20 years in September, handing over to Daniel Zhang. The company has also said it has plans to be able to deliver to anywhere in China within 24 hours and anywhere in the world within three days.
The new share announcement could provide a massive boost to Hong Kong’s stock market amid the turbulence of recent violent protests in the city.
FURTHER READING: Alibaba's sales jumped 25% to $23bn during Singles' Day